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In dynamic efficiency, [2] it is impossible to make one generation better off without making any other generation worse off. It is closely related to the notion of "golden rule of saving". In relation to markets, in industrial economics, a common argument is that business concentrations or monopolies may be able to promote dynamic efficiency. [3]
Example of a Sankey diagram Sankey's original 1898 diagram showing energy efficiency of a steam engine. Sankey diagrams are a data visualisation technique or flow diagram that emphasizes flow/movement/change from one state to another or one time to another, [1] in which the width of the arrows is proportional to the flow rate of the depicted extensive property.
When drawing diagrams for businesses, allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue. This is the case for the long-run equilibrium of perfect competition. Productive efficiency occurs when units of goods are being supplied at the lowest possible average total cost.
Engine efficiency of thermal engines is the relationship between the total energy contained in the fuel, and the amount of energy used to perform useful work. There are two classifications of thermal engines- Internal combustion (gasoline, diesel and gas turbine-Brayton cycle engines) and
Compressor characteristic is a mathematical curve that shows the behaviour of a fluid going through a dynamic compressor.It shows changes in fluid pressure, temperature, entropy, flow rate etc.) with the compressor operating at different speeds.
Static efficiency is efficiency in terms of the refinement of existing products, processes or capabilities. On the contrary, dynamic efficiency takes into account the development of new products, processes, and capabilities. [3] Achieving static efficiency may not be consistent with achieving dynamic efficiency.
Because the net variation in state properties during a thermodynamic cycle is zero, it forms a closed loop on a P-V diagram. A P-V diagram's abscissa, Y axis, shows pressure (P) and ordinate, X axis, shows volume (V). The area enclosed by the loop is the net work done by the processes, i.e. the cycle:
X-inefficiency underscores the importance of competition and innovation in fostering efficiency, which can reduce costs for companies, resulting in increased profits and better output and prices for consumers. However, X-inefficiency only focuses on productive efficiency and minimizing costs, not on allocative efficiency and maximizing welfare.